One of my aims for this month was to investigate opening an ISA.
This was my plan, until I got an email from my bank. Santander were offering me an e-saver account with 5.00% AER/Gross (fixed) interest rate as I already bank with them as a 123 World Customer. I had no plans to open any other kind of new account, but I thought this sounded good and went to read into it more. I needed to already have a current account with them, and be able to set up a standing order. Also, I needed access to my accounts online. All these things were relevant to my situation. I can only save between £1 and £200 a month. If I save £200 a month for a year, I could look to achieve about £60 in interest.
I decided to apply online and Santander made this process incredibly easy. I followed the step by step instructions and it can’t have taken me more than 1 minute to apply after deciding this was a good choice for my situation.
I received an email instantly telling me that my application had been received and I would hear in 3 working days. I was, therefore, astonished that I got a second email within 60 seconds telling me that my new account had been approved. True enough, it was now showing in my online banking as a useable account.
A great service from Santander today and perfect for a current saving set up I already had, but which was playing a much lower interest rate. I will keep the lower interest account for now as I do like to have different accounts for different savings goals.
I would certainly be recommending Santander after this afternoons findings and I will be looking at what they offer in their ISA department in the near future.
I have set a reminder in my phone to check interest rates on this account in April 2019 as the 5.00% is only fixed for one year and there might be other services I can switch to… or maybe I would withdraw and pay off the mortgage a little more.